Michael Saylor, a fervent defender of bitcoin, does not hide his passion for the flagship crypto. However, when it comes to protecting its Bitcoins, it seems to want to delegate this power to financial institutions “too big to fail”. A reversal of the jacket which surprises, especially since Saylor had previously advocated the personal custody of BTC to counter the abuses of institutions. Today, it offers holders to transfer their bitcoins to major banks rather than using hardware wallets.
Bitcoin and institutions: a marriage of convenience?
The very famous Michael Saylor recently stated that be wary of state confiscation of bitcoins was crypto-anarchist paranoia. According to him, ftrusting big banks as guardians is better to personal custody (self-custody).
“ Fears of government seizures of Bitcoin are myths “, he insisted.
However, this speech does not go unnoticed: several figures in the BTC community see this change an attempt to relegate bitcoin to the status of a speculative assetrather than making it a bargaining chip.
Not helping, the decision comes after Saylor felt that bitcoin would reach $13 million per coin in 2045. However, is such a perspective compatible with crypto governed by institutions? Many doubt it, because:
- Institutions can accumulate excessive power;
- The risk of abuse becomes difficult to rule out;
- Decentralization is losing its essence.
Crypto community disappointed by Saylor’s turnaround
The wind of discontent is blowing among the most fervent Bitcoiners. Simon Dixon, author and Bitcoiner OG, suspects Saylor's speech might hide a MicroStrategy strategy aiming to transform the company into a sort of “BTC bank” to offer loans backed by this flagship crypto.
“ Bitcoin Anarchists Should Keep Helping People Break Free from Banks », he protests.
For his part, John Carvalho, CEO of Synonym, also criticizes this about-face: the idea of “ Bitcoin as hope for all » seems less credible if the “ crypto paranoid » are pushed aside in favor of institutions.
However, analysts believe that This message is primarily aimed at large companies and investment fundsfor whom personal custody remains impractical. The bet is bold, but risks further dividing an already skeptical community.
Finally, it remains to be seen whether the ever-controversial Saylor will be able to reconcile his grandiose Bitcoin and trillion ambitions with the founding principles of crypto.
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